Summary of Financial Results for Fiscal Period Ended
June 30, 2021
(8th Fiscal Period: from January 1 to June 30, 2021)
Balance Sheet
Statements of Income and Retained Earnings
Statements of Changes in Net Assets
Statements of Cash Flows
Notes to Financial Statements- 1 -1【Financial Statement】（1）Balance Sheet
7th Period(December 31, 2020)
AssetsCurrent Assets
Cash and bank deposit
Operating accounts receivable
Accounts receivable – otherPrepaid expenses
Consumption taxes receivable
Other current assets
Total current assets
Fixed Assets
Property and equipment
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust,net
Tools, furniture, and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust,net
Land in trust
Total property and equipment
Intangible assets
Leasehold rights
SoftwareTotal intangible assets
Investments and other assets
Long-term prepaid expenses
Investment in capital
Deferred tax assets
Long-term deposit
Guarantee deposits
Total investment and other assets
Total fixed assets
Deferred Assets
Investment corporation bond issuancecost
Total deferred assets
Total assets- 2 -（Unit：thousand yen）
8th Period(June 30, 2021)

2,828,532
362,206
155,628
26,2412,130
3,374,740

4,611,954
1,006,913
75,459135,464
2,511,791
10,2008,351,783

1,043,042(106,526)
936,515*2 42,426,996(4,716,860)
37,710,136
590,418(66,933)
523,485
4,485,144
17,01733,071(341)
32,729776,471(8,017)

1,048,112(128,066)
920,046*2 42,436,866(5,589,346)
36,847,519
590,890(78,859)
512,0314,505,944
6,380
6,559,095(77,626)
6,481,469
20,260,404(281,261)

768,453

19,979,143

3,204
(33)

93,540(1,276)

3,171

92,264

116,748
44,593,402

4,771,145
74,115,945

753,139
1,566
754,706

1,156,098
1,173
1,157,272

269,287
13
15,60037,790322,690
45,670,799

597,40210
12
15,60037,790650,81575,924,033

6,776

23,261

6,776
49,052,315

23,261
84,299,078

7th Period(December 31, 2020)
Liabilities
Current liabilities
Operating Accounts payable
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Income taxes payable
Consumption tax payable
Deposits received
Total current liabilities
Non-current liabilities
Investment corporation bondLong-term loan payable
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unitholders’ capital
Deduction from unitholders’ capital
Unitholders’ capital, net
Surplus
Unappropriated retained earnings(Accumulated deficit)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets- 3 -（Unit：thousand yen）
8th Period(June 30, 2021)

67,9106,517,867
109,145
102,519879
33,9483,085
6,835,355

79,8372,270,023
298,657
112,830860
23,95915,0902,801,259

1,100,000
19,524,374
20,624,374
27,459,730

4,900,000
36,206,482
41,106,482
43,907,741

22,050,175(1,174,155)
20,876,019

40,631,004(1,313,100)
39,317,904

716,565

1,073,432

716,565
21,592,585*1 21,592,585
49,052,315

1,073,432
40,391,337*1 40,391,337
84,299,078

(2) Statements of Income
7th Period(From July 1, 2020 to
December 31, 2020)
Operating revenues
Rental revenues of renewable energy power
generation facilities, etc.
Total operating revenues
Operating expenses
Rental expenses of renewable energy power
generation facilities, etc.
Asset management fee
Administrative service fees
Director’s compensation
Taxes and duties
Other operating expenses
Total operating expenses
Operating income
Non-operating incomesInterest income
Dividends
Insurance income
Interest on refund
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expenses
Interest on investment corporation bondAmortization of Investment corporation bondissuance cost
Borrowing-related expenses
Investment unit issuance costs
Loss on retirement of non-current assets
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Net income
Retained earnings (Deficit) brought forward
Unappropriated retained earnings (Accumulated
deficit)- 4 -(Unit: thousand yen)
8th Period(From January 1, 2021
to June 30, 2021)*1 2,413,625*1 3,425,186

2,413,625

3,425,186*1 1,409,487*1 1,781,479

61,062
18,9942,400
436
62,912
1,555,292
858,332

88,08623,4372,400
2,204
68,534
1,966,142
1,459,043

14
1,219*2 35,501
36,73535
079,27233*2 11,615
90,957111,324
3,937

147,299
16,782879

2,514

56,792
4,787
177,721717,346717,346881
2
883
716,462103

212,847
72,734
23,630475,809
1,074,191
1,074,191866
0
867
1,073,324
108

716,565

1,073,432

(3) Statements of Changes in Unitholders’ Equity
7th Fiscal Period (From July 1, 2020 to December 31, 2020)（Unit: thousand yen）
Unitholders’ equity
Unitholders’ capital

SurplusTotal
unitholders’equityTotal net
assets

Deduction
fromunitholders’capitalUnitholders’capital, net

Capitalsurplus or
loss

Total
surplus22,050,175 (1,010,472)

21,039,702

691,823

691,823

21,731,525

21,731,525

Distribution inexcess of earnings-(163,682)(163,682)--(163,682)(163,682)

Dividend of surplus

-

-

-

(691,720)(691,720)(691,720)(691,720)

Net Income

-

-

-

716,462

716,462

716,462

716,462-(163,682)(163,682)

24,742

24,742(138,940)(138,940)

22,050,175 (1,174,155)

20,876,019

716,565

716,565

21,592,585

21,592,585

Unitholders’capitalBalance as of July 1,
2020
Changes of items
during the period

Total changes of
items during theperiodBalance as ofDecember 31, 2020

*1

8th Fiscal Period (From January 1, 2021 to June 30, 2021)（Unit: thousand yen）
Unitholders’ equity
Unitholders’ capital

SurplusTotal
unitholders’equityTotal net
assets

Deduction
fromunitholders’capitalUnitholders’capital, net

Capitalsurplus or
loss

Total
surplus22,050,175 (1,174,155)

20,876,019

716,565

716,565

21,592,585

21,592,585

18,580,829-

18,580,829--

18,580,829

18,580,829

Distribution inexcess of earnings-(138,945)(138,945)--(138,945)(138,945)

Dividend of surplus--- (716,457)(716,457)(716,457)(716,457)

Net Income--- 1,073,324

1,073,324

1,073,324

1,073,324

18,580,829(138,945)

356,866

356,866

18,798,751

18,798,751

39,317,904 1,073,432

1,073,432

40,391,337

40,391,337

Unitholders’capitalBalance as ofJanuary 1, 2021
Changes of items
during the period
Issuance ofInvestment units

Total changes of
items during theperiodBalance as of June30, 2021*1

40,631,004(1,313,100)

18,441,884- 5 -(4) Statements of Cash Distribution（Unit: yen）
7th Fiscal Period(From July 1, 2020
to December 31, 2020)
I

Unappropriated retained earnings(Accumulated deficit)
II Distributions in excess of retained
earnings
Deduction from unitholders’ capital
III Cash distributions(Cash distributions per unit)
Profit distributions(Profit distributions per unit)
Distributions in excess of retained
earnings(Distributions in excess of retained
earnings)
IV Retained earnings (Deficit) carriedforwardCalculation method for cash distributions

716,565,873

1,073,432,803

138,945,190

357,270,144

855,403,000(3,700)716,457,810(3,099)1,430,627,200(3,700)1,073,357,056(2,776)

138,945,190(601)

357,270,144(924)

108,063

75,747

In accordance with Articles 47,
Paragraph 1 of Canadian Solar
Infrastructure Fund, Inc. (“CSIF’) s
Articles of Incorporation, the amountof cash distributions shall be theamount of profit in excess of anamount equivalent to 90% of
distributable profits, as stipulated in
Article 67-15 of the Act on Special
Measures Concerning Taxation.
Based on this policy, CSIF decided
to make distributions of¥716,457,810 which is the entire
amount equivalent to theunappropriated retained earnings forthe fiscal period under review of¥716,565,873 excluding fractions of
the distribution per unit that are lessthan ¥1.
CSIF distributes cash in excess ofretained earnings every fiscal period
based on the cash distribution policy
prescribed in Article 47, Paragraph 2of CSIF’s Articles of Incorporation.
Based on this policy, CSIF decided
to make cash distributions in excessof earnings (return of capital
categorized as a distribution of the
reduction in capital for Japanese tax
purposes) in the amount of¥138,945,190 which is equivalent to15.2% of the amount of depreciation
expenses recorded for the fiscal
period under review of- 6 -8th Fiscal Period(From January 1, 2021
to June 30, 2021)

In accordance with Articles 47,
Paragraph 1 of Canadian Solar
Infrastructure Fund, Inc. (“CSIF’) s
Articles of Incorporation, the amountof cash distributions shall be theamount of profit in excess of anamount equivalent to 90% of
distributable profits, as stipulated in
Article 67-15 of the Act on Special
Measures Concerning Taxation.
Based on this policy, CSIF decided
to make distributions of¥1,073,357,056 which is the entire
amount equivalent to theunappropriated retained earnings forthe fiscal period under review of¥1,073,432,803 excluding fractionsof the distribution per unit that areless than ¥1.
CSIF distributes cash in excess ofretained earnings every fiscal period
based on the cash distribution policy
prescribed in Article 47, Paragraph 2of CSIF’s Articles of Incorporation.
Based on this policy, CSIF decided
to make cash distributions in excessof earnings (return of capital
categorized as a distribution of the
reduction in capital for Japanese tax
purposes) in the amount of¥357,270,144 which is equivalent to28.4% of the amount of depreciation
expenses recorded for the fiscal
period under review of¥914,309,028.
Accordingly, the distribution per unitis ¥3,700.
(Note)¥1,258,689,411.
Accordingly, the distribution per unitis ¥3,700.

Distributions in excess of retained earnings per unit will generally be based on the cash distribution policy prescribed in CSIF’s Articles
of Incorporation and the Asset Manager’s asset management guideline.
CSIF intends to make cash distributions of NCF within the FCF generated from the renewable energy power generation facilities. The
amount available for distribution shall be calculated by multiplying NCF by the payout ratio.
Further, CSIF intends to make distributions in excess of retained earnings for each fiscal period in order to realize such policy.
CSIF’s forecasts (including revised forecasts) for each fiscal period are based on the assumption of the Forecast Power Generation(P50) provided in the independent technical report which is used as a basis for calculating rents for renewable energy power generation
facilities and if actual NCF calculated based on actual power generation during the applicable fiscal period exceeds forecast NCF,
CSIF’s policy is to set “forecast NCF multiplied by the payout ratio” as the upper limit of the amount of cash distributions for theapplicable fiscal period.
On the other hand, if actual NCF is less than forecast NCF, CSIF’s policy is to set “actual NCF multiplied by the payout ratio” as theamount of cash distributions for the applicable fiscal period.
Based on this policy, CSIF decided to make distributions for the previous fiscal period of ¥855,403,000 which is equivalent to 89.0% of
forecast NCF amount for the fiscal period of ¥960,272,000. Of this, ¥138,945,190 which is the amount less of distributions of profit of¥716,457,810 is distributions in excess of retained earnings.
Based on this policy, CSIF decided to make distributions for the current fiscal period of ¥1,430,627,200 which is equivalent to 91.4% of
forecast NCF amount for the fiscal period under review of ¥1,564,321,798. Of this, ¥357,270,144 which is the amount less of distributionsof profit of ¥1,073,357,056 is distributions in excess of retained earnings.

- 7 -(5) Statements of Cash Flows（Unit: thousand yen）
8th Fiscal Period(From January 1, 2021
to June 30, 2021)

7th Fiscal Period(From July 1, 2020
to December 31, 2020)
Cash flows from operating activities
Income before income taxes
Depreciation cost
Investment unit issuance costs
Investment corporation bond expenses
Interest income
Interest expenses
Other non-operating income
Loss on retirement of non-current assets
Decrease (Increase) in operating accounts
receivable
Decrease (Increase) in accounts receivable other
Decrease (Increase) in consumption taxes
receivable
Decrease (Increase) in consumption taxes
payableDecrease (Increase) in prepaid expenses
Decrease (Increase) in long-term prepaid
expenses
Increase (Decrease) in operating accounts
payableIncrease (Decrease) in accounts payable other
Increase (Decrease) in accrued expenses
Other, net
Sub-totalInterest received
Interest paid
Income taxes paid
Net cash provided by (Used in) operating
activities
Cash flows from investing activities
Deposit into fixed deposits
Purchases of property and equipment
Purchases of intangible assets
Payment of investment in capital
Net cash provided by (Used in) investing
activities
Cash flows from financing activities
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from investment corporation bondissuance
Payment of investment corporation bondissuance costs
Proceeds from issuance of investment units
Payment of investment units issuance costs
Dividends paid
Surplus earning distribution paid
Net cash provided by (Used in) financing
activities
Net increase (Decrease) in cash and cash
equivalents- 8 -717,346914,309879(14)
115,261(35,501)
4,787

1,074,191
1,258,689
72,7342,514(35)
164,082
23,630115,770(644,706)-(75,459)(26,241)(2,468,252)(169,743)(9,989)(45,710)

18,744

15,137(336,693)

37,951(12,894)

30,49016,916(53,510)2,453
1,623,665
14(114,642)(925)(2,242)
3,935(914,834)
35(151,529)(885)

1,508,112(1,067,212)(7,800)*1 (646,543)-*1 (30,614,353)(402,959)(10)(654,343)(31,017,322)

1,000,000(789,671)

19,300,000(6,865,735)-

3,800,000-(19,000)(691,720)(163,682)

18,580,829(72,734)(716,457)(138,945)(645,074)

33,867,956

208,694

1,783,421

Cash and cash equivalents at the beginning of the
fiscal period
Cash and cash equivalents at the end of the fiscal
period- 9 -2,619,838

2,828,532*2 2,828,532*2 4,611,954

(6) NOTES to Financial Statements[NOTES ON GOING CONCERN PREMISE]
Not applicable.
[SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES]
1.Method of depreciation andamortization of non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property
and equipment are as shown below:
Structures .................................... 22 - 25 years
Machinery and equipment ........... 22 - 25 years
Tools, furniture and fixtures ......... 22 - 25 years
Structures in trust ....................... 24 - 30 years
Machinery and equipment in trust 24 - 25 years
Tools, furniture and fixtures in trust 24 - 25 years(2) Intangible assets
The straight-line method is adopted.
In addition, the useful life is as shown below:
Software ...................................... 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

2.Method of amortization ofdeferred assets(1) Investment corporation bond issuance expenses
Amortized by the straight-line method over the life of the bonds.
(2) Investment units issuance expenses
Expensed as incurred.
Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax,
among other taxes, on the infrastructure assets held, of the tax amount assessedand determined, the amount corresponding to the calculation period is accounted
as rental expenses. In addition, reimbursement such as fixed assets tax, which ispaid to the seller and other persons on the acquisition of infrastructure assets andother assets (“the amount equivalent to the fixed assets taxes and other taxes”)
is not recognized as rental expenses but included in the acquisition cost of theconcerned infrastructure assets and other assets. In the fiscal period, the amountequivalent to the fixed assets tax and other taxes included in the acquisition costof infrastructure assets and other assets is 140,493 thousand yen.

3.Standards for revenue andexpense recognition

4.Scope of funds in statement ofcash flows

Funds (cash and cash equivalents) in statement of cash flows consist of cash on
hand, demand deposits and short-term investments with a maturity of three months
or less at the date of acquisition that can readily be converted into cash and thatare subject to insignificant risks of changes in value.

5.Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets therequirements for special treatment.
(2) Hedging instruments and hedged items:･Hedging instruments……Interest rate swap transaction･Hedged items…………....Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s
Articles of Incorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus
the evaluation of effectiveness is omitted.

- 10 -

6.Other significant matters serving
as the basis for preparation offinancial statements(1) Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy
power plants, all assets and liabilities within entrusted assets as well as all
revenue and expense items which occur to entrusted assets are recorded as therespective account titles on the balance sheet and statements of income. The
following important account titles among the entrusted assets which arerecorded as the respective account titles are separately indicated on the balance
sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixturesin trust, Land in trust.
(2) Accounting for Consumption tax
Consumption tax and local consumption tax are excluded from the correspondingtransaction amount.

[NOTES ON UNAPPLIED ACCOUNTING STANDARDS](Unapplied Accounting Standards)
・Accounting Standard for Revenue Recognition (ASBJ Statement No. 29 published on March 31, 2020 by the
Accounting Standards Board of Japan)
・Implementation Guidance on Accounting Standard for Revenue Recognition (ASBJ Guidance No. 30 published on
March 26, 2021 by the Accounting Standards Board of Japan）
・ Implementation Guidance on Disclosures about Fair Value of Financial Instruments (ASBJ Guidance No. 19
published on March 31, 2020 by the Accounting Standards Board of Japan）
1.Overview
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) havejointly developed a converged accounting standard on revenue recognition and issued “Revenue from Contracts with
Customers” (IFRS 15 by IASB and Topic 606 by FASB) in May 2014. IFRS 15 is effective for annual reporting periods
beginning on or after January 1, 2018 and Topic 606 is effective for annual reporting periods beginning on or after
December 15, 2017. In this connection, the ASBJ developed a converged accounting standard on revenue recognition
and issued the standard together with its implementation guidance.
The ASBJ followed two policies in developing accounting standard for revenue recognition. That is, to incorporate allbasic IFRS 15 requirements to ensure comparability of financial statements, but also to consider additional alternative
treatments based on practices applied by Japanese companies so that the standards would not significantly impair
comparability.
2.Planned date of application
CSIF will apply the standard at the beginning of the fiscal period ending December 2021.
3.Effect of application of the standard
The effect that the application of Accounting Standard for Revenue Recognition will have on the financial statements
is currently under evaluation.

・Accounting Standard for Fair Value Measurement (ASBJ Statement No.30 published on July 4, 2019 by the
Accounting Standards Board of Japan)
・Accounting Standard for Financial Instruments (ASBJ Statement No.10 published on July 4, 2019 by the
Accounting Standards Board of Japan)
・Implementation Guidance on Accounting Standard for Fair Value Measurement (ASBJ Guidance No.31 publishedon June 17, 2021 by the Accounting Standards Board of Japan)
・Implementation Guidance on Disclosures about Fair Value of Financial Instruments (ASBJ Guidance No.19- 11 -

published on March 31, 2020 by the Accounting Standards Board of Japan)
1.Overview
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) haveestablished detailed guidelines for the measurement of fair value (IFRS 13 “Fair Value Measurement” and “Fair Value
Measurement (Topic 820)” of the FASB). In order to facilitate the comparison of the provisions in these international
accounting standards, the Accounting Standards Board of Japan (ASBJ) has carefully examined the guidance anddisclosure primarily for the market prices of financial instruments and announced the accounting standard for the
calculation of market prices and guidelines.
2.Planned date of application
CSIF will apply the standard at the beginning of the fiscal period ending December 2021.
3.Effect of application of the standard
The effect that the application of Accounting Standard for Fair value Measurement will have on the financial
statements is currently under evaluation.
[NOTES TO BALANCE SHEET]*1 Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment
Corporations(Unit: thousand yen)
As ofDecember 31, 2020

As ofJune 30, 2021
50,00050,000*2 JPY amount of a decrease in acquisition price for machine and equipment of S-13 CS Mashiki-machi PV Power
Plant(Unit: thousand yen)
As ofDecember 31, 2020
332,606- 12 -

As ofJune 30, 2021-

[NOTES TO STATEMENT OF INCOME]*1 Breakdown of profits and losses from the rental business of renewable energy power generation facilities, etc.
(Unit: thousand yen)
From July 1, 2020
to December 31, 2020

A.

Operating revenue from the rental business of renewable energy power generation facilities, etc.
Rental revenue of renewable energy power generation facilities, etc.
(Basic rent)(Variable rent linked to actual output)(Incidental income)
Total operating revenue from the rental business ofrenewable energy power generation facilities, etc.

B.

From January 1, 2021
to June 30, 2021

1,698,289

2,369,477

715,325

1,055,618

11

89

2,413,625

3,425,186

Operating expenses from the rental business of renewable energy power generation facilities, etc.
Rental expenses of renewable energy power generation facilities, etc.
(Management entrustment expenses)
191,463

228,743(Repair and maintenance costs)

8,585

17,289(Taxes and duties)

223,744

195,754(Utilities expenses)

-

3,505

(Insurance expenses)

24,676

20,478(Depreciation expenses)

913,915

1,258,296(Land rent)

46,502

52,686(Trust fees)

600

4,700

-

24

Total operating expenses from the rental business ofrenewable energy power generation facilities, etc.

1,409,487

1,781,479

C. Profits and losses from the rental business of renewableenergy power generation facilities, etc. （A-B）

1,004,138

1,643,706(Other rental expenses)*2 Breakdown of other non-operating income(Unit: thousand yen)

JPY Amount of reversal of accumulated depreciation
corresponding to a decrease in acquisition price for
S-13 CS Mashiki-machi PV Power Plant- 13 -

From July 1, 2020
to December 31, 2020

From January 1, 2021
to June 30, 2021

35,478-

[NOTES TO STATEMENT OF CHANGES IN NET ASSETS]*1 Total number of authorized investment units and the total number of investment units issued and outstanding
From July 1, 2020
to December 31, 2020

From January 1, 2021
to June 30, 2021

Total number of authorized investment
units

10,000,000 unit

10,000,000 unit

Total number of investment units
issued and outstanding

231,190 unit

386,656 unit

[NOTES TO STATEMENT OF CASH FLOWS]*1 Breakdown of purchases of property and equipment(Unit: thousand yen)
From July 1, 2020
to December 31, 2020
Consideration of property andequipment purchased for the fiscal
period end
Refund of a part of consideration ofproperty and equipment purchased
before the previous fiscal period
Purchases of property and equipment

From January 1, 2021
to June 30, 2021

(980,537)(30,614,353)

333,993-(646,543)(30,614,353)*2 Relationship between the ending balance of cash and cash equivalents and the amounts on the balance sheet(Unit: thousand yen)
From July 1, 2020
to December 31, 2020
Cash and deposits
Fixed Term deposits exceeding
3 months
Cash and cash equivalents

From January 1, 2021
to June 30, 2021

2,828,532

4,611,954--

2,828,532

4,611,954[NOTES ON LEASE TRANSACTIONS]
Operating lease (as the lessor)
Future minimum lease payments(Unit: thousand yen)
Fiscal period ended

Fiscal period ended

December 31, 2020

June 30, 2021

Within one year

3,367,129

5,225,472

Longer than one year

49,423,243

77,545,167

Total

52,790,373

82,770,639[NOTES ON FINANCIAL INSTRUMENTS]
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions, issuinginvestment corporation bonds or issuing investment units. The basic policy is to build stable and sound financial
operations to maintain and increase earnings in the medium to long term and grow the size and value of assets.

- 14 -

(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are
exposed to interest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted throughthe appropriate balancing of the loan period and the interest rate type, and diversification of lenders, and theappropriate management of various types of indexes, especially the general application of the upper limit of the ratio
of interest-bearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values
are reasonably calculated. Since certain assumptions are used for the calculation of fair values, they may change
if different assumptions are used.
2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of December 31, 2020, and thedifference between them. Financial instruments whose fair values are extremely difficult to estimate are not includedin the table.
(Unit: thousand yen)Book value(1) Cash and deposits

Fair value

Difference

2,828,532

2,828,532-(2) Operating accounts receivable362,206

362,206-(3) Long-term deposits

15,60015,600-Total assets

3,206,339

3,206,339-(4) Current portion of long-termloans payable

6,517,867

6,509,162(8,704)(5) Long-term loans payable

19,524,374

19,684,965

160,591(6) Investment corporation bond

1,100,000

1,088,120(11,880)

Total liabilities

27,142,241

27,282,248

140,006(7) Derivative transaction

-

-

-

(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Assets(1) Cash and deposits(2) Operating accounts receivable

These financial instruments are settled in the short term, and their fair values are deemed to approximate their book value. Therefore,
the book values are used as the values.
(3) Long-term deposits
These financial instruments are fixed deposits and there is no significant fluctuation between estimated interest rates upon
new deposit and engaged rates of interest and their fair market values approximate their book values. Therefore, the bookvalues are used as the values.
Liabilities(4) Current portion of long-term loans payable(5) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every certain period
is applied to loans, and thus the market value is considered to be close to the book value. Accordingly, the book value is used. In addition,
for the long-term loans payable at variable interest rates subject to the special treatment of interest rate swap (refer to the “Notes onderivative transactions” below), the fair value is measured by discounting the total sum of the principal and interest treated together withthe said interest rate swap as one at the interest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(6) Investment corporation bond
The fair value of investment corporation bonds is determined based on market prices.
(7) Derivative transaction
Please refer to the “Notes on derivative transactions” below.

- 15 -

The table below shows the book value and fair values of financial instruments as of June 30, 2021, and thedifference between them. Financial instruments whose fair values are extremely difficult to estimate are notincluded in the table.
(Unit: thousand yen)Book value

Fair value

Difference(1) Cash and deposits

4,611,954

4,611,954-(2) Operating accounts receivable

1,006,913

1,006,913-(3) Long-term deposits

15,60015,600-Total assets

5,634,467

5,634,467-(4) Current portion of long-termloans payable

2,270,023

2,271,482

1,459(5) Long-term loans payable

36,206,482

36,370,362

163,879(6) Investment corporation bond

4,900,000

4,889,550(10,450)

Total liabilities

43,376,505

43,531,395

154,889(7) Derivative transaction

-

-

-

(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Assets(1) Cash and deposits(2) Operating accounts receivable

These financial instruments are settled in the short term, and their fair values are deemed to approximate their book value. Therefore,
the book values are used as the values.
(3) Long-term deposits
These financial instruments are fixed deposits and there is no significant fluctuation between estimated interest rates upon new deposit
and engaged rates of interest and their fair market values approximate their book values. Therefore, the book values are used as thevalues.
Liabilities(4) Current portion of long-term loans payable(5) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every certain period
is applied to loans, and thus the market value is considered to be close to the book value. Accordingly, the book value is used. In addition,
for the long-term loans payable at variable interest rates subject to the special treatment of interest rate swap (refer to the “Notes onderivative transactions” below), the fair value is measured by discounting the total sum of the principal and interest treated together withthe said interest rate swap as one at the interest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(6) Investment corporation bond
The fair value of investment corporation bonds is determined based on market prices.
(7) Derivative transaction
Please refer to the “Notes on derivative transactions” below.
(Note 2) Scheduled redemption amounts of monetary receivable after the closing date (December 31, 2020)(Unit: thousand yen)
Longer thanfour years,
Longer than
within five
five years
years

Within one
year

Longer than
one year,within two
years

Longer than
two years,
within threeyears

Longer than
three years,
within fouryears

2,828,532

-

-

-

-

-

362,206

-

-

-

-

-

(3) Long-term deposits--

15,600

-

-

-

Total

3,190,739-

15,600---(1) Cash and deposits(2) Operating accounts receivable- 16 -

Scheduled redemption amounts of monetary receivable after the closing date (June 30, 2021)(Unit: thousand yen)
Longer thanfour years,
Longer than
within five
five years
years

Within one
year

Longer than
one year,within two
years

Longer than
two years,
within threeyears

Longer than
three years,
within four
years

(1) Cash and deposits

4,611,954

-

-

-

-

-

(2) Operating accounts receivable

1,006,913

-

-

-

-

-

(3) Long-term deposits--

15,600

-

-

-

Total

5,618,867-

15,600---(Note 3) Scheduled redemption amount of loans payable after the closing date (December 31, 2020)(Unit: thousand yen)
Longer thanfour years,
Longer than
within five
five years
years

Within one
year

Longer than
one year,within two
years

Longer than
two years,
within threeyears

Longer than
three years,
within fouryears

6,517,867

-

-

-

-

-

(5) Long-term loans payable-

1,860,238

1,292,889

1,254,936

1,291,266

13,825,044(6) Investment corporation bond

-

-

-

1,100,000--

6,517,867

1,860,238

1,292,889

2,354,936

1,291,266

13,825,044(4) Current portion of long-term loans
payableTotal

Scheduled redemption amount of loans payable after the closing date (June 30, 2021)(Unit: thousand yen)
Longer thanfour years,
Longer than
within five
five years
years

Within one
year

Longer than
one year,within two
years

Longer than
two years,
within threeyears

Longer than
three years,
within fouryears

2,270,023

-

-

-

-

-

(5) Long-term loans payable-

4,561,543

2,267,295

2,206,896

2,301,459

24,869,286(6) Investment corporation bond

-

-

-

1,100,000

3,800,000-

2,270,023

4,561,543

2,267,295

3,306,896

6,101,459

24,869,286(4) Current portion of long-term loans
payableTotal[NOTES ON SECURITIES]
Prior fiscal period (as of December 31, 2020)
Not applicable.
Current fiscal period (as of June 30, 2021)
Not applicable.
[NOTES ON DERIVATIVE TRANSACTIONS]
1. Those to which hedge accounting is not applied
Prior fiscal period (as of December 31, 2020) and current fiscal period (as of June 30, 2021)
Not applicable.

- 17 -

2. Those to which hedge accounting is applied
Prior fiscal period (as of December 31, 2020)(Unit: thousand yen)
Method ofhedge
accounting

Type of derivativetransactions andother matters

Major
items
hedgedSpecialtreatmentof interest
rate swap

Interest rate swap
transaction
Fixed
payment/variable
receipt

LongtermloanspayableContract amount and otheramounts
Longer than
one year

20,187,606

18,939,441

Fair value

Method ofcalculation ofsaid market
value（Note）-(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable
and the long-term loans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (4) Current
portion of long-term loans payable and (5) Long-term loans payable in “Notes on financial instruments 2. Matters relating to fair values of financial
instruments, among other matters”.

Current fiscal period (as of June 30, 2021)(Unit: thousand yen)
Method ofhedge
accounting

Type of derivativetransactions andother matters

Major
items
hedgedSpecialtreatmentof interest
rate swap

Interest rate swap
transaction
Fixed
payment/variable
receipt

LongtermloanspayableContract amount and otheramounts
Longer than
one year

36,176,505

33,906,482

Fair value

Method ofcalculation ofsaid market
value（Note）-(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans
payable and the long-term loans payable to be hedged as one, and thus their fair value is presented together with the fair value of(Note 1) (4) Current portion of long-term loans payable and (5) Long-term loans payable in “Notes on financial instruments 2. Matters relating
to fair values of financial instruments, among other matters”.

[NOTES ON RETIREMENT BENEFITS]
Prior fiscal period (as of December 31, 2020)
Not applicable.
Current fiscal period (as of June 30, 2021)
Not applicable.
[NOTES ON TAX EFFECT ACCOUNTING]
1. Breakdown of deferred tax assets and deferred tax liabilities by major cause(Unit: thousand yen)
Fiscal period ended
December 31, 2020
Deferred tax assets
Accrued business tax not deductible fromtaxable income

Fiscal period ended
June 30, 2021

13

12

Total deferred tax assets

13

12

Net amount of deferred tax assets

13

12- 18 -

2. Breakdown of each major item that causes a significant difference between the effective statutory tax rate
and the rate of the burden of corporate tax and other taxes after the application of tax effect accounting
Fiscal period ended
December 31, 2020
Effective statutory tax rate

Fiscal period ended
June 30, 2021

31.46%

31.46%(31.42)%(31.44)%

Others

0.08%

0.06%

Rate of burden of corporate tax and other taxes
after the application of tax effect accounting

0.12%

0.08%

(Adjustment)
Dividends paid deductible for tax purpose[NOTES ON SHARE OF PROFIT (LOSS) OF ENTITIES ACCOUNTED FOR USING EQUITY METHOD, ETC.]
Prior fiscal period (from July 1, 2020 to December 31, 2020)
Not applicable.
Current fiscal period (from January 1, 2021 to June 30, 2021)
Not applicable.
[NOTES ON RELATED PARTY TRANSACTIONS]
1.Major corporate unitholders
Prior fiscal period (from July 1, 2020 to December 31, 2020)
Not applicable.
Current fiscal period (from January 1, 2021 to June 30, 2021)
Not applicable.
2.Affiliates
Prior fiscal period (from July 1, 2020 to December 31, 2020)
Not applicable.
Current fiscal period (from January 1, 2021 to June 30, 2021)
Not applicable.
3.Fellow Subsidiaries
Prior fiscal period (from July 1, 2020 to December 31, 2020)
Not applicable.
Current fiscal period (from January 1, 2021 to June 30, 2021)
Not applicable.
4.Officers and major individual unitholders
Prior fiscal period (from July 1, 2020 to December 31, 2020)
Not applicable.
Current fiscal period (from January 1, 2021 to June 30, 2021)
Not applicable.
[NOTES ON ASSET RETIREMENT OBLIGATIONS]
Prior fiscal period (from July 1, 2020 to December 31, 2020)
Not applicable.
Current fiscal period (from January 1, 2021 to June 30, 2021)
Not applicable.
- 19 -

[NOTES ON INVESTMENT AND RENTAL PROPERTY]CSIF has renewable energy power generation facilities, etc. The book value, change during the period and fairvalue at the end of the period are as shown below.
(Unit: thousand yen)
Prior fiscal period
From July 1, 2020
to December 31, 2020

Current fiscal period
From January 1, 2021
to June 30, 2021

Book value (Note 2)
Beginning balance

45,572,640

45,329,524(243,115)

29,936,139

45,329,524

75,265,664

48,890,000

79,037,000

Change during the period (Note 3)
Ending balance
Fair value at the end of the period (Note 4)(Note 1) The real estate that CSIF holds is real estate to be provided for the use of renewable energy power generation facilities, and thus withrespect to the book value and the fair value, the amount of the renewable energy power generation facilities and real estate are stated
together as one.
(Note 2) The book value is the amount at acquisition cost less the accumulated depreciation.
(Note 3) The change during the period ended December 31, 2020 primarily consisted of the increase due to acquisition of two photovoltaic power
generation facilities (929,496 thousand yen), and the decrease due to depreciation expenses (913,915 thousand yen). And the change
during the period ended June 30, 2021 primarily consisted of the increase due to acquisition of two photovoltaic power generation
facilities (31,110,809 thousand yen), and the decrease due to depreciation expenses (1,258,296 thousand yen).
(Note 4) The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles ofIncorporation on the basis of the appraised value in the range stated in the valuation report with the date of the value opinion on
December 31, 2020 and June 30, 2021, which was obtained from PricewaterhouseCoopers Sustainability LLC (for S-01 to S-18). And,the fair value is the total sum of the median amount on the basis of the appraised value stated in the valuation report with the date of
the value opinion on December 31, 2020 and June 30, 2021, which was obtained from Ernst & Young Transaction Advisory Services
Co., Ltd. or Ernst & Young Strategy and Consulting Co., Ltd. (for S-19 to S-25). Please note that Ernst & Young Transaction Advisory
Services Co., Ltd. and Ernst & Young Advisory and Consulting Co., Ltd. have been integrated and those were incorporated as Ernst &Young Strategy and Consulting Co., Ltd. as of October 1, 2020.

In addition, profits and losses from the renewable energy power generation facilities, etc. for the fiscal period ended
December 2020 (the 7th period) and the fiscal period ended June 2021 (the 8th period) are as stated in the “Notes tostatement of income” above.
[NOTES ON SEGMENT INFORMATION]
1.Segment information
Since CSIF has a single segment of the rental business of infrastructure assets, the segment information isomitted.
2.Related Information
Prior fiscal period (from July 1, 2020 to December 31, 2020)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers
exceeds 90% of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of theoperating revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of theamount of property and equipment on the balance sheet.
- 20 -

(3) Information on major customers（Unit: thousand yen）
Name of customer

Total net revenue

Tida Power 01 G.K.

Name of related segment

2,395,335

Renewable energy power
generation facilities, etc. rental
business

13,862

Renewable energy power
generation facilities, etc. rental
business

4,416

Renewable energy power
generation facilities, etc. rental
business

CS Hokkaido Ishikari G.K.

CS Miyagi Kejonuma G.K

Current fiscal period (from January 1, 2021 to June 30, 2021)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers
exceeds 90% of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of
the operating revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of
the amount of property and equipment on the balance sheet.
(3) Information on major customers（Unit: thousand yen）
Name of customer

Total net revenue

Name of related segment

Tida Power 01 G.K.

2,542,612

Renewable energy power
generation facilities, etc. rental
business

LOHAS ECE 2 G.K.

767,470

Renewable energy power
generation facilities, etc. rental
business

Tida Power 45 G.K.

115,013

Renewable energy power
generation facilities, etc. rental
business[NOTES ON PER UNIT INFORMATION]（Unit: yen）
Prior fiscal period
From July 1, 2020
to December 31, 2020

Current fiscal period
From January 1, 2021
to June 30, 2021

93,397
3,099

104,463
3,234

Net assets per unit
Net income (Net loss) per unit

(Note 1) Net income (net loss) per unit is calculated by dividing net income (net loss) by the average number of investment units during theperiod.
(Note 2) The basis of calculation of net income (net loss) per unit is as follows.

- 21 -

Prior fiscal period
From July 1, 2020
to December 31, 2020

Current fiscal period
From January 1, 2021
to June 30, 2021

716,462

1,073,324--

716,462

1,073,324

231,190

331,820

Net income (Net loss) (Thousand yen)Amount not attributable to common unit holders(Thousand yen)
Net income (Net loss) attributable to Common unit
holders (Thousand yen)
Average number of investment units during theperiod (Units)[NOTES ON FACTS ARISING AFTER THE SETTLEMENT OF ACCOUNTS]
Not applicable.
(7) Supplementary Schedules
1. Schedule of Securities
Not applicable.
2. Status of Contract Amounts, etc. and Estimated Fair Value of Derivative Transactions and Forward Exchange
Transactions（Unit: thousand yen）
Category

Contract amount and other amounts(Note 1)

Type

Fair value(Note 2)Longer than one year
OTC
(over-the-counter)

Interest rate swap transactions
pay-fixed, receive-variable
Total

36,176,505

33,906,482-

36,176,505

33,906,482-(Note 1) The contract amount, etc. of interest rate swap transactions is based upon notional principal amount.
(Note 2) Fair value is omitted because the transaction meets the requirement for special treatment based on the
Accounting Standard for Financial Statements.

3. Schedule of Assets Related to Real Estate
Not applicable.

4. Schedule of Assets Related to Renewable Energy Power Generation Facilities(Unit: million yen)

Asset Type

Structures

Propertyandequipment

Machineryandequipment
Tools,
furniture andfixtures
Land

Balance
Increase Decrease Balance
as ofduring the during the as of June
January 1,
periodperiod30, 2021
2021

Accumulated
depreciation or
accumulated
amortization

Net balance
as of June Remarks
Depreciation 30, 2021
during theperiod

1,043

5

-

1,048

128

21

42,426

9-42,436

5,589

872

36,847

590

0

-

590

78

11

512

4,485

20

-

4,505

-

-

- 22 -

920 （Note 1）（Note 1）

（Note 1）

4,505 （Note 1）

Constructionin progress

17

6

17

6

-

-

Structures in
trust

33

6,526

-

6,559

77

77

Machineryandequipment intrust

6,481 （Note 3）（Note 3）776

19,50824

20,260281

273

19,979

3

90

-

93

1

1

92

116

4,654

-

4,771

-

-

4,771

49,49230,821

41

80,272

6,156

1,258

74,115

Leaseholdrights

753

402

-

1,156

-

-

1,156

Software

3

-

-

3

2

0

1

Total

757

402

-

1,160

2

0

1,157

Tools,
furniture andfixtures intrust
Land in trust
Total

Intangible
assets（Note 2）
6（Note 3）(Note 3)(Note 3)(Note 1) The increase during the 8th period is entirely due to the capital expenditure of the power plants.
(Note 2) The increase during the 8th period is related to the remodeling work for online curtailment for S-08 CS Hiji-machi Power Plant. And, thedecrease during 8th period is for the completion of the disaster recovery work for S-12 CS Kannami-cho Power Plant.
(Note 3) The increases during the 8th period are mainly related to the acquisition of the power plants on March 8, 2021. And the decrease during
8th period is for the disposal of a part of the facilities of S-22 CS Ishikari Shinshinotsu-mura Power Plant.

5. Schedule of Other Specified Assets
Not applicable.
6. Schedule of Investment corporation bond
(Unit: million yen)
Name ofbond

Canadian
Solar
Infrastructure
Investment
Corporation /The 1stUnsecured
Bond
Canadian
Solar
Infrastructure
Investment
Corporation /The 1stUnsecured
Bond (Green
bond)
Total

Balance
as ofJanuary
1, 2021

DecreaseduringtheperiodIncreaseduringtheperiodBalance
as ofJune 30,2021

Interest
rate(%)

November
6, 2019

1,100

-

-

1,100

0.71

November
6, 2024(Note1) Unsecured

January
26, 2021

-

-

3,800

3,800

0.80

January 26,
2026(Note1) Unsecured

Issue date

1,100

-

3,800

Repayment
date

Use

Remarks,Unguaranteed,Unguarant
eed

4,900

(Note 1) The proceeds shall be allocated for part of the funds for repayment of existing borrowing, acquisition of specified assets in the future
repairing works, capital expenditure and operating expenses.
(Note 2) Scheduled redemption amounts of Investment corporation bond within five years after the date of the balance sheet are as follows.

- 23 -

(Unit: million yen)
Within one year

Longer than one
year within two
years

Longer than two
years within
three years

Longer than three
years within fouryears

Investment
corporation bond

-

-

-

1,100-

3,800

Total

-

-

-

1,100

3,800

Longer than four
years within fiveyears

7. Schedule of Loans Payable(Unit: million yen)

Category

Long
-term
loans
payableLenderBalance Increase Decrease
Balance
as ofduringduringas of June
January 1,
thethe30, 2021
2021
periodperiodAverage
Repay
interest Repayment
ment
date
rate (%)
method(Note 1)Use

Remarks

Repay
ment inpartialinstallm
ents(Note 4)

Unguarante

Repay
ment in1.04200 September partial
1,698(Note 2)
6, 2028 installm
ents
849

(Note 4)

ShinseiBank,
Limited.

2,016

-

63

1,952

Mizuho Bank,
Ltd.

1,260

-

39

1,220

Sumitomo
Mitsui
Banking
Corporation.

1,260

-

39

1,220

MUFG Bank,
Ltd.

840

-

26

813

Resona Bank,
Limited.

1,512

-

47

1,464

ORIX Bank
Corporation.

840

-

26

813

The
Hiroshima
Bank, Ltd.

1,512

-

47

1,464

The Nanto
Bank, Ltd.

1,512

-

47

1,464

The Oita
Bank,Ltd.

756

-

23

732

The Shonai
Bank, Ltd.

756

-

23

732

San ju San
Bank,Ltd.

168

-

5

162

The Tochigi
Bank, Ltd.

756

-

23

732

ShinseiBank,
Limited.

1,514

-

43

1,470

Sumitomo
Mitsui
Banking
Corporation

1,514

-

43

1,470

MUFG
Bank, Ltd.

1,749

-

50

The Nanto
Bank, Ltd.

874

-

25

- 24 -

0.84500(Note 2)October
31, 2027

Unsecured,ed

Unsecured,
Unguaranteed

The
Ashikaga
Bank, Ltd.

896

-

25

870

The
Hiroshima
Bank, Ltd.

448

-

12

435

623

-

623

Repay
ment
in
March 29,
0.58636
partial2022
installm
ents(Note 6)

ShinseiBank,
Limited.

944

-

944

-

MUFG
Bank, Ltd.

661

-

661

-

The
Ashikaga
Bank, Ltd.

472

-

472

The Shonai
Bank, Ltd.

944

The Nanto
Bank, Ltd.

472

The
Hiroshima
Bank, Ltd.

755

-

755

-

ShinseiBank,
Limited.

-

1,380

31

1,348

Sumitomo
Mitsui
Banking
Corporation.

-

1,380

31

1,348

MizuhoBank, Ltd.

-

1,347

31

1,316

MUFG
Bank, Ltd.

-

1,347

31

1,316

Sumitomo
Mitsui Trust
Bank,
Limited

-

1,347

31

1,316

Asahi
Shinkin
Bank

-

2,100

48

2,051

The
TottoriBank, Ltd.

-

1,400

32

1,367

The
Chugoku
Bank, Ltd.

-

1,347

31

1,316

The 77
Bank, Ltd.

-

1,050

24

1,025

ShinseiBank,
Limited.

--0.58636 November Repay
29,2021 ment inpartialinstallm
ents(Note 7)

Unsecured,(Note 4)ed(Note 4)

-

944
472

Unguarante

Unsecured,
Unguaranteed-- 25 -

0.77725(Note 3)

March 8,
2031

Repay
ment inpartialinstallm
ents(Note 4)

Unsecured,
UnguaranteedThe Oita

-

700

16

683

The Nanto
Bank, Ltd.

-

700

16

683

The Senshu
Ikeda
Bank, Ltd.

-

700

16

683

The Bank ofSaga, Ltd

-

700

16

683

The Bank of
Nagoya,
Ltd.

-

700

16

683

The FukuhoBank, Ltd.

-

500

11

488

The Bank ofFukuoka,
Ltd.

-

300

6

293

ShinseiBank,
Limited.

-

850

-

850

Bank, Ltd.

Current
portion of
long-term
loans
payableSumitomo
Mitsui
Banking
Corporation.

-

850

-

850

MizuhoBank, Ltd.

-

600

-

600

MizuhoBank, Ltd.

981

Total

26,042-

19,3000.28119

Earlier of(i) March
8, 2023 or(ii) thefirstinterest
payment
date aftertheconsumpti
on
tax refund
date.

Unsecured,

Bullet6,865

38,476--

Unguarante
ed

Repay
ment inpartial- 0.37909 September
installm
28,2021ents(Note 5)981

(Note 4)

Unsecured,(Note 4)

Unguarante
ed

-

-

-

(Note 1) Average interest rate is based on actual number of days and weighted average. The number are rounded down.
(Note 2) For the debts with interest rate swap for hedging interest rate risk, the average interest rate incorporates the effect of such interest rate
swap.
(Note 3) As from March 29, 2021, for the debts with interest rate swap for hedging interest rate risk, the average interest rate incorporates the effectof such interest rate swap.
(Note 4) The uses of the debt proceeds are the purchase of power plants.
(Note 5) Using a part of net estimated receipts of the corporate bond issuance of which payment due date is January 26, 2021, it is repaid on March
8, 2021, fully.
(Note 6) Using a part of net estimated receipts of the corporate bond issuance of which payment due date is January 26, 2021, it is repaid on May
14, 2021, fully.
(Note 7) Using a part of net estimated receipts of the corporate bond issuance of which payment due date is January 26, 2021 and a part of receiptsof the new investment units of which payment due date is March 5, 2021, it is repaid on May 31, 2021, fully.

(Unit: thousand yen)
Within one year
Long-term loans
payable2,270,023

Longer than one
year within two
years

Longer than two
years within threeyears

Longer than three
years within fouryears

2,267,295

2,206,896

4,561,543- 26 -

Longer than four
years within fiveyears
2,301,459